Bitcoin News Today – The flagship digital currency recently plunged heavily from the $10k hurdle point against the USD. The digital currency plunged below the $9k mark, but it is currently correcting higher. It seems like the bulls will be able to push the price of the digital currency back over the $9k hurdle point in the near term.
After an enormous bull run, the price of Bitcoin failed to remain over the $10k hurdle point against the US dollar. The price of the digital currency began a nasty decline below the $9k support mark and the 100 hourly simple moving average. The bulls failed to show up and the bears pushed the price of the digital currency below the $8,500 support mark. Fortunately, the digital currency found strong support over the major $8,200 and $8k marks.
Bitcoin formed a low close to the $8,267 mark and the digital currency is currently consolidating higher. There was a break over the $8,500 hurdle point. Bitcoin is now trading over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $10,078 to the low of $8,267.
On the upside, the major hurdle of the digital currency is close to the $8,800 mark. The digital currency needs to break over that level to pave the way for more gains in the near term. It appears there is also a formation of an inverse head and shoulders pattern with a hurdle close to the $8,800 zone.
More importantly, there is a formation of a near term bearish trendline with a hurdle close to $8,800 on the one hour chart of the BTC/USD trading pair. In the near term, the digital currency could experience a minor dip to form the right shoulder properly close to the $8,550 mark. However, for Bitcoin to start another major rally, it needs to clear the $8,800 hurdle point.
Over that level, the next major hurdle for the digital currency is close to the $9,100 and $9,150 marks. The 50 percent Fibonacci retracement level of the previous swing from the high of $10,078 to the low of $8,267 might also act as resistance close to $9,175 in the near term.
If the bull fails to push prices over the $8,800 hurdle point, the digital currency might resume its downward movement below the $8,600 and $8,550 marks. Below those levels, the next major support for the digital currency is close to the $8,200 mark. A break below that level would send BTC’s price towards $8k, which is the next major support.